Absa Bank Kenya PLC reported a better-than-expected net profit of Kshs 8.3 billion for the first half of 2023, representing a 32% increase compared to the same period last year. This growth in earnings was driven by consistent double-digit revenue growth across the bank’s key revenue streams. “The bank has a very strong momentum from revenue on balance sheet and customer growth over the last one to two years,” said Absa Bank Kenya PLC Managing Director, Abdi Mohamed. “I think momentum is what we’re showing, which is strong revenue growth. Over this past strategic cycle CAGR of 9%.” Absa Bank…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Nzoia United staged a remarkable comeback to defeat Ulinzi Stars 2-1 in their 2023–24 Football Kenya Premier League season opener at Sudi Stadium on Saturday. The hosts trailed by a goal at halftime. However, Nzoia rallied in the second half and scored two goals in quick succession to secure the three points. The win propelled Nzoia United to the top of the league table with a superior goal difference. https://twitter.com/Officialfkfpl/status/1695449925880787422?s=20 In other matches, Kariobangi Sharks and Police FC played out a goalless draw at Utalii Grounds, while Tusker FC edged out Bandari FC 1-0 at Mbaraki Stadium. Deogratious Ojok scored…
After years of growth, the global technology sector entered a downturn in the second half of 2022, thanks to a combination of inflation, rising interest rates, and faltering supply chains. As a result, companies that just months before hadn’t been able to hire fast enough suddenly had to shed jobs en masse. In fact, Crunchbase estimates that there have been nearly 160,000 layoffs among US tech companies so far in 2023 (in addition to the 93,000 that were lost in 2022). In Europe, meanwhile, tech startups laid off some 40,000 workers between March 2022 and March 2023. Many of the companies behind these…
Safaricom Plc has announced the appointment of Dr (Eng.) John Kipngetich Mosonik and Ms. Murielle Lorilloux as non-executive directors to its board, effective from 23rd August 2023. Dr Mosonik is a seasoned technocrat with over 35 years of experience in various sectors, including engineering, telecom, infrastructure, petroleum and mining. He has served as a Principal Secretary and a Chief Administrative Secretary in the Kenyan government. He holds a Doctorate Degree and a Ph.D. in Business Administration. Ms Lorilloux is the Chief Strategy & Commercial Officer at Vodacom Group, a subsidiary of Vodafone Group, which partly owns Safaricom. She has over…
The Kenya Revenue Authority (KRA) has a new boss, Humphrey Wattanga Mulongo, who has been appointed as the Commissioner General. Mulongo, a former member of the Commission of Revenue Allocation (CRA), will take over from Rispah Simiyu, who has been holding the position in an acting capacity since February. According to a gazette notice issued by Treasury Cabinet Secretary Njuguna Ndung’u on August 22, Mulongo’s appointment became effective from August 22, 2023, and will last for three years. Mulongo brings to KRA a wealth of experience in public finance and revenue management, having served as a member of CRA for…
Xiaomi Africa recently launched an online photography campaign to invite fans to showcase their photography skills using Xiaomi phones. The campaign, dubbed #SafariWithXiaomi, attracted over 1,000 entries from across Africa, who shared their photos on social media platforms. The campaign promised the Xiaomi fans winners a 3-day trip to Maasai Mara, one of the most famous wildlife destinations in the world. Xiaomi Africa honoured its promise and took six winners and three professional photographers to the Mara, where they had an unforgettable experience. The winners were Patrick Philemon Kulinganila from Tanzania, John Oluwamokamiyo, Samson Osas, Victor Onokaye, Emmanuel Kenechukwu from…